The 22nd OPEC and non-OPEC Ministerial Meeting reaffirmed the participating countries’ commitment to the Declaration of Cooperation (DoC) to ensure a stable and balanced oil market.
According to the statement, it will provide clarity to the market at times when other parts of the energy complex outside the boundaries of oil markets are experiencing extreme volatility and instability.
The Organization of the Petroleum Exporting Countries (OPEC) is a permanent intergovernmental organization of oil-exporting developing nations that coordinates and unifies the petroleum policies of its member countries. The non-OPEC oil producers are crude oil-producing nations outside of the OPEC group and shale oil producers.
The meeting also reiterated the need to maintain a proactive and transparent approach that has helped to keep oil markets stable.
In view of current oil market fundamentals and the consensus on its outlook, the meeting resolved to reaffirm “the decision of the 10th OPEC and non-OPEC Ministerial Meeting on 12th April 2020 and further endorsed in subsequent meetings including the 19th OPEC and non-OPEC Ministerial Meeting on the 18 July 2021.”
The meeting also reconfirms the production adjustment plan and the monthly production adjustment mechanism approved at the 19th OPEC and non-OPEC Ministerial Meeting as well as the decision to increase monthly overall output by 0.4 mb/d in December 2021.
Further, it emphasizes the crucial need for full conformance and the compensation system, taking advantage of the compensation period’s prolongation to the end of December 2021. “Compensation plans should be submitted in accordance with the statement of the 15th OPEC and non-OPEC Ministerial Meeting,” according to the statement. The 23rd OPEC and non-OPEC Ministerial Meeting will be held on 2 December 2021.
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